Draft Bill for a CBDC to be Legal Tender in Mexico 

Key Takeaways:

  • In a recent interview, Indira Kempis, a Senator of Mexico, discussed her plans for a Cryptocurrency as Legal Tender.
  • She further quoted the necessity for a bill that revises Article 22 of Mexico’s Monetary Law.

In a bold attempt to pursue her country adopt the benefits of Central Bank Digital Currencies. Indira Kempis Martinez, discusses her vision and plan for a Mexican CBDC.

Recently, Diario El Salvador interviewed Indira Kempis on her plans to pursue legislation in Mexico that would make Bitcoin legal tender. Kempis discussed how a trip to El Salvador motivated her after witnessing the country’s expanding financial inclusion.

“El Salvador is unquestionably becoming the world’s most crucial hub for the future of bitcoin. It is clear to me that financial exclusion is one of the public concerns that few of us have addressed with viable alternatives, and that this type of technology is allowing us to develop an alternative solution to include millions of people in the financial system,” she said.

And now the big news is that the Indira Kempis Martnez of Mexico issued a proposed decree revising Article 22 of the country’s Monetary Law to support the idea of a central bank digital currency (CBDC).

Kempis feels that the Mexican government should step into the banking systems. Furthermore, the proposal emphasizes that government participation is crucial to the most basic humanitarian assurances afforded to the Mexican people. 

The proposed legislation also emphasizes the significance of the Mexican government protecting clients against hostile service providers, whether deliberate or unintentional.

Kempis’ proposal also explains how decentralized protocols, such as Bitcoin, allow anybody with a node to join the network and participate in its trustless security mechanism.  Kempis’ plan, however, quickly turns to suggest that decentralization is not a necessity for a digital currency. Kempis’ remarked at the Bitcoin 2022 conference last week that she aims to pass legislation making Bitcoin legal tender in Mexico. But there are no favorable terms for bitcoin included in the proposal. 

What do you think? Is another bill is on its way, or will the revised bill include Bitcoin in the list of virtual assets?
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Baisakhi Mishra

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